Crude oil prices settled higher in futures market on Thursday, as support from four weeks of falling US crude supplies contributed to a fourth-consecutive session of gains.
Earlier this week, Saudi Energy Minister Khalid al-Falih indicated that OPEC's de facto leader and biggest producer Saudi Arabia would cut its crude exports to just 6.6 million barrels per day next month.
The price for September Futures Brent oil rose by 1,84% reaching $50,62 per barrel on the London ICE Futures Exchange.
The gains were the result of Wednesday's news from the Energy Information Agency of a 7.2 million barrel decline in US crude inventories in the week ending July 21, well above the 2.6 million barrel forecast, and the fourth consecutive week that inventories have fallen during a time of year when they normally increase.
US oil prices surged toward the key $50 a barrel level this week, but the rally likely has little gas left in the tank, analysts say.
"Both markets are seeing a strong move in spreads through most of 2017 and 2018 due to shorts covering into heavy producer flow", said Scott Shelton, broker at ICAP in Durham, North Carolina.
The gains in Brent pushed the difference between the two benchmarks to the widest in two months.
"Overall, I think the bullish demand story is taking the headlines away from the supply story as products are strong globally when refinery runs are maxed and that implies that current demand expectations could be significantly below reality".
USA crude and gasoline inventories fell much more steeply than expected in the latest week, while US refineries processed an average of nearly 17.3 million barrels of crude per day last week, up 620,000 bpd from the same week in 2016. The committee did not back capping Libyan output as it said its production was unlikely to exceed 1 million bpd in the near future compared to its capacity of 1.4 million-1.6 million bpd before unrest erupted in 2011 and plunged the nation into chaos.
However, some analysts' assessments of the oil market remained bearish.
"The market will likely be paying even more attention to drilling activity in the U.S.in the coming weeks, particularly after suggestions from certain industry players that the rig count in the U.S.is slowing", ING said in a research note on Wednesday.
Kansas City "Trades" New American Dom Dwyer To Orlando
At the very least, the club will acquire $400,000 in general allocation money and $500,000 in targeted allocation in the trade . Orlando City can play Larin and Dwyer together, and look to rebuild Larin's market value ahead of a potential winter transfer.
He also cited McKee's previous research, stating that she and her colleagues had diagnosed many players who died with the disease. The study is limited by factors such as its selection bias and lack of a control group, the researchers write.
If that is what Trump is doing, what does that leave Sessions to do? "Now Trump is even belittling Sessions" endorsement. Asked how long he would stay on, Mr Tillerson turned and smiled, saying , "As long as the president lets me".
The border to Germany is located a few miles north of where the attack took place and an global arrest warrant has been issued. They underwent surgery and are recovering, she said. "We are searching for a man whose description is now known".
Shortly after filming stopped, it resumed again, this time showing her sister lying in a field with obvious head trauma. ABC-owned station KFSN-TV in Fresno reported that Sanchez was livestreaming video on Instagram when the crash occurred.
She says that the outpouring of support for MS Paint caught the company's attention and that it needs to clarify some things. The 32-year-old app is arguably one of the simplest yet powerful artistic software available till date.
Wolfenstein II: The New Colossus will be available on the 27th October on Xbox One, Playstation 4 and PC. Bethesda will reveal those dates further down the road, along will more details about each piece of DLC.
Some of the best moments from the ICC Women's World Cup which culminated in a dramatic win for England against India on Sunday. Her match haul of six for 46 was also the best individual return in any Women's World Cup final. "I congratulate the team".
He also said that this will inspire the country's youth to take up cricket as well as other sports as a career option. There must be a proper balance between Tests and limited overs cricket but the Indian board alone can't do it.
The emir of Qatar on Friday said he was prepared to engage in negotiations as long as his country's sovereignty was not violated. The Turkish president said he did not discuss the Turkish base in Qatar with Saudi Arabia or Kuwait in his meetings.
1 in custody after woman killed aboard Alaska-bound cruise
A security officer aboard the cruise ship handcuffed Manzanares and detained him in an adjoining cabin, the affidavit said. Princess Cruises newest ship which has been purpose-built for China is preparing to begin its inaugural season.
First Gene-Edited Human Embryos in the US
It's unclear what illnesses were involved exactly, but they used sperm donated by subjects with various inheritable diseases. They said it would be "irresponsible" to use gene editing technology in human embryos for therapeutic purposes.
Doval, Yang hold talks amid Sikkim standoff
Doval is now in China to attend a two-day Brics meeting with his counterparts from Brazil , Russia , China and South Africa . The group of NSAs will call on the Chinese President for an interaction on security issues relating to BRICS countries.
Which of these is the best music video of the year?
These are Artist of the Year , Video of the Year , Best Collaboration , Best New Artist , and Best Fight Against the System Video. This year's MTV Video Music Awards will take place on August 27 at 8 p.m.at The Forum in Inglewood, California.